The Real Deal New York

A massive portfolio of 4,000 Upper Manhattan apartments is set to trade hands in a sale that could top $1 billion. Jerome Belson Associates will sell the buildings — most of them in Harlem — which were originally built as part of the Mitchell-Lama program, according to sources. The buildings have recently been taken out of the affordable housing program, subjecting all units to market-value rents and greatly increasing their investment value. The anticipated sale price will make the transaction one of the biggest real estate deals in Manhattan this year. more By John Celock and Gabby Warshawer